Recovery bets lift British stocks as miners, oil stocks jump

The blue-chip FTSE 100 index climbed 1.4% by 0804 GMT, with mining stocks including Rio Tinto, Anglo American and BHP gaining between 2.1% and 3.1%. Oil heavyweights BP and Royal Dutch Shell also provided the biggest boost, with gains of 1.8% and 1.7%, respectively.

Reuters | London | Updated: 01-03-2021 14:19 IST | Created: 01-03-2021 13:49 IST
Recovery bets lift British stocks as miners, oil stocks jump
Representative Image Image Credit: Pixabay

British shares rebounded on Monday, led by energy and mining stocks, as hopes of a vaccine-led economic recovery and more U.S. stimulus overshadowed fears of rising inflation and tightening monetary policy. The blue-chip FTSE 100 index climbed 1.4% by 0804 GMT, with mining stocks including Rio Tinto, Anglo American, and BHP gaining between 2.1% and 3.1%.

Oil heavyweights BP and Royal Dutch Shell also provided the biggest boost, with gains of 1.8% and 1.7%, respectively. The domestically focused mid-cap FTSE 250 index rose 1.3%. Britain's factory activity data for February is due at 0930 GMT.

AstraZeneca Plc rose 1.1% after a report said the company had sold its 7.7% stake in Moderna Inc for more than $1 billion. Ladbrokes owner Entain rose 1.7% as it raised its offer for rival sports betting firm Enlabs AB, valuing the Sweden-based company at about 3.7 billion crowns ($440.16 million).

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)


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